Key Points
- Politicians supporting the crypto industry expressed their views at the Bitcoin 2024 conference in Nashville.
- They discussed the potential of the US becoming the world’s crypto capital and the creation of a Bitcoin reserve.
US as the Crypto Capital
The Bitcoin 2024 conference saw American politicians who support the crypto industry voice their views. Presidential candidate Donald Trump spoke about Bitcoin (BTC), stating that it is the ninth most valuable asset in the world. He believes that Bitcoin will surpass gold and silver in terms of market capitalization.
Trump warned that if the US does not embrace crypto and Bitcoin technology, other countries like China will dominate. He criticized the current administration’s stance on cryptocurrencies and BTC, accusing them of stifling financial services.
Plans for a Bitcoin Reserve
Trump also discussed his plans for Bitcoin, which include making the US a mining center and not allowing the sale of 210,000 BTC stored on the country’s balance sheet. Wyoming Senator Cynthia Lummis announced a bill during the conference to purchase 1 million BTC for the US balance sheet, with the aim of strengthening the dollar against inflation and consolidating the US’s position in the global financial system.
Robert F. Kennedy Jr., an independent presidential candidate, also expressed his support for Bitcoin. He stated that if he becomes president, he would issue an order requiring the Justice Department to transfer 204,000 BTC to the Federal Reserve as a strategic asset. He also plans to abolish taxation on transactions using the dollar and Bitcoin.
Bitcoin’s Future Value
MicroStrategy founder Michael Saylor predicted that Bitcoin would reach $13 million by 2045. He encouraged the audience to become Bitcoin maximalists. However, former NSA and CIA employee Edward Snowden expressed concerns about the privacy issues of Bitcoin, reminding that Bitcoin transactions can be traced to specific individuals.
Robert Mitchnick, BlackRock’s head of digital assets, mentioned that the firm sees minimal client interest in cryptocurrencies beyond BTC and Ethereum (ETH). He predicted that investors could allocate about 20% of their crypto holdings to ETH, with the rest to BTC.
The involvement of political figures in the Bitcoin 2024 conference emphasizes the growing role of the crypto industry in the United States. As the November elections approach, policymakers are paying more attention to the crypto industry, which has become a crucial part of the US political arena.
